The technological progress witnessed the growth of the sharing economy historically until now. The development of modern technologies, such as e.g. cell phones, smartphones, optical fiber provide chances for the growth of the sharing economy (Soběhart, 2018, p.159). It is everyone’s effort to create online communities to share dailies and actively build up the platform and network for news and social sharing (John, 2019, p. 65). Through the widespread benefits and conveniences of online sharing, it gradually reduced the traditional paper media, such as newspapers. The growth attracts businesses’ attention to shift their investment to online media. The news sharing gradually expands its coverage to various media platforms, such as Twitter, Facebook, and Weibo. The significant increase of tweets and life sharing builds up the business network, which offers less investment but more substantial revenue through collecting consumers’ data. Data sharing maximizes news sharing capabilities in targeting particular groups according to gender, age, or personal interests (Martin, 2019, p.108). The transformative progression provides more benefits politically, economically, socially, or even cultural terms. For example, search engines and media platforms could receive influential advertising politically with more international news sharing. Thus, this essay will examine the development of the sharing economy concerning news and social sharing, the pros and cons of the transformative effects in changing consumers’ lifestyles.
Image: Twitter Image: author
Historical trends of ‘Sharing Economy’ and Social News sharing.
The term ‘sharing economy’ is a system in which people rent, borrow, or share commodities, services, and resources owned by individuals, usually with the revolution of online technology, to save money, minimize costs, and reduce waste (Dictionary, 2020). “Sharing economy” comes from the word ‘sharing,’ which is reinvented through technology. The new digital landscape gives the internet a boost in expanding consumers’ worldview( John, 2019, p.60). The rise of online spaces is inevitable, and it also changes the way people access digital platforms (Sutherland & Jarrahi, 2018, p.1). Regulations are introduced to maintain security and user rights. There are two types of regulation systems: self-governance or content control by the government, such as mainland China. The ownership and control of online sharing content mainly depend on the country’s law and regulation (Team, 2020). The internet investment is cheaper than other advertising strategies; it minimizes costs and boosts the profits to the most outstanding capabilities to reach out to the targeted users distinctively. The sharing economy is associated with “collaborative consumption,” attracting more business opportunities and political use (John, 2018, p.66).
An Animated View of the Sharing economy.
For example, Facebook questioned being illegally involved in the US election to influence the public to vote for Donald Trump. It consists of collecting data to introduce personalized political news to the targeted user (Cadwallader & Graham-Harrison, 2018). Personalized news sharing is powerful and has a significant impact politically. Thus, the network transformation on news sharing has both pros and cons; the social media platforms provide more opportunities for news sharing globally, such as the Hong Kong 2019 protest, which attracted massive media attention globally. The sharing system also directed the equity and discrimination of the rally. For example, the Chinese media would discriminate against the protest as violent and unreasonable to the citizens in Mainland China (Cao, 2019). Different countries have a various political stand, which could raise equity and discrimination and enlarged through speedy news sharing online. Hence, the significant changes in the sharing economy change the way we conceived media.
Transformative effects of Sharing Economy on the digital world.
With the transformative effects of social sharing on the digital world, media applications’ emergence gradually occupies our dailies, such as Twitter and Weibo. These platforms allow speedy news sharing through tweets and retweets within a second. There are significant competitions amongst the influential media to improve the users’ experience to receive news and participation in the online communities. The influential network companies hold the most significant benefits and revenues through the revolution of news sharing online, replacing paper media usage ( ACCC, 2019, p.1). However, it needs the presence of local government to support the development of the online network. For example, Jack Ma’s company Alibaba worked with the Hangzhou city government, Zhejiang province, to grow business (Martin, 2019, p.115). The cooperation between government and network companies allows the success of the digital network.
What is Alibaba? It shows the operation of Alibaba and how it achieved success ultimately.
The emergence and the coverage of news sharing online could directly influence and shape the social and cultural groups. Firstly, news sharing amongst online platforms allows the exchange of traditional culture globally, such as local dishes and clothing styles. The sharing of news online speedy influences ones’ cultural and social norms. For example, Korean Pop Music creates a substantial global wave. The Korean government decided to use Korean Pop music to boost its tourism, improve its image, and build its cultural influence (Soesmanto, 2020). The platforms’ inception provides more conveniences to actual sharing (Soběhart, 2018, p.159). The growing influence of the sharing economy amongst online platforms attracts teenagers or young adults to adapt quickly to the fast-changing world. The numberer of internet users grows significantly faster than the population growth based on the graph showed (Soběhart, 2018, p.160). However, the recent example shows the rise of social news sharing through the sharing economy indirectly caused the reduction of traditional print media businesses. They faced challenges in receiving enough advertising revenue and struggled to survive. It mainly affects the local news provider as they have no national support for the survivor (ACCC, 2019). Thus, it shows that the sharing economy’s transformative effects bring both beneficial and negative impacts on different groups. Internet users share the advantages of more comfortable online sharing, and the traditional media competitors faced challenges.
How innovation affects me?
The news and social sharing speed up the pace of study. I could gather information and research using online data based on the categorization of genre. With the advancement of technology, I could finish all my work within the online forum with fewer verbal communication with my peers. And still, some of our work needs peer cooperation, such as group work, shared tasks. For example, I was passionate about a video exercise that requires us to collaborate on our work. But, my peers only keen on sharing it online through WhatsApp and not willing to meet. And I realized the digital technology are pushing us towards emotionless communication, and the beauty of face-to-face interactions diminishes. The statistic shows that around 3 billion people use social media today, with 40% of the world using media platforms for interaction. And 11% of adults prefer to stay at home scrolling Facebook, Twitter, or Instagram on weekends (Lewison, 2020). Sometimes, face-to-face interaction is vital to maintain a stable relationship with loved ones, friends. Moreover, I witnessed some of the problems based on real-life instances. My grandparents are not used to use the applications on the smartphone. To them, the purpose of a smartphone is to call someone, and they received daily news through newspapers or magazines. The speedy transformative of news and social sharing through the efficient sharing economy made the older generation miserable. It is a difficult task for them to get used to new technologies quickly. Ultimately, it is undeniable that the sharing economy brings more benefits than negative impacts, but I think we should still cherish the beauty of traditional paper media and verbal communication.
In conclusion, the rise of the sharing economy provides more benefits than harm to the world. We can share news, culture globally with fewer restrictions. The sharing economy allows more business opportunities in delivering online spaces for low costs investment but high profits. This internet innovation has more positive benefits for ordinary internet users in searching for information and online communication. As a student, it is easier for me to collect and gather academic research online with a vast amount of theoretical readings and data. Although transformative technological changes affect us differently, it is still an outstanding contribution to society.
- Australian Competition and Consumer Commission. (2019). Digital Platform inquiry. Final Report. Retrieved from https://www.accc.gov.au/system/files/Digital%20Platforms%20Inquiry%20-%20Final%20report%20-%20part%201.pdf
- Cao, H. (2019, November 19) Hong Kong: How Chinese media are reporting the crisis. Retrieved October 30, 2020, from https://www.dw.com/en/hong-kong-how-chinese-media-are-reporting-the-crisis/a-51313412
- CNBC International. (2017, September 21). YouTube: What is Alibaba? | CNBC Explains. Retrieved October 29, 2020, from: https://www.youtube.com/watch?v=gk69hV6LEgI
- Graham-Harrison, E., & Cadwalladr, C. (2018, March 17). Revealed: 50 million Facebook profiles harvested for Cambridge Analytica in major data breach. Retrieved October 29, 2020, from https://www.theguardian.com/news/2018/mar/17/cambridge-analytica-facebook-influence-us-election
- John, N, J. (2016). The Age of Sharing: Sharing Economies. Polity Press. Retrieved from https://ebookcentral-proquest-com.ezproxy2.library.usyd.edu.au/lib/usyd/reader.action?docID=4770940&ppg=58
- Lewison, K. (2020, October 12). Social Media Effects on Communication. Retrieved October 30, 2020, from https://www.uopeople.edu/blog/how-social-media-affected-communication/
- Martin. F, & Dwyer, T. (2019). Sharing News Online: Commentary Cultures and Social Media News Ecologies, The Business of News sharing. Springer International Publishing AG. Retrieved from https://ebookcentral-proquest-com.ezproxy2.library.usyd.edu.au/lib/usyd/reader.action?docID=5831084&ppg=104
- Reinvent. (2016, September 8). YouTube: An Animated Overview of the Sharing Economy. Retrieved October 29, 2020, from: https://www.youtube.com/watch?v=yy7MH9TyZck
- Soběhart, P. (2018). Sharing Economy – a Challenge of the 21st Century? Littera Scripta 1, 155-169. https://doaj.org/article/2a062ce04d6a48349a498cb2ea351531
- Sutherland, W., & Jarrahi, M. H. (2018). The sharing economy and digital platforms: A review and research agenda. International Journal of Information Management, 43, 328-341. doi:10.1016/j.ijinfomgt.2018.07.004
- Soesmanto, T. (2020, September 03). K-popnomics: How Indonesia and other nations can learn from Korean pop music industry. Retrieved October 29, 2020, from https://theconversation.com/k-popnomics-how-indonesia-and-other-nations-can-learn-from-korean-pop-music-industry-107229
- Team, R. (2020, February 12). Social media: How do other governments regulate it? Retrieved October 30, 2020, from https://www.bbc.com/news/technology-47135058